Taking over family business

[Heatman]

Capability comes with having an experience in the business because it's the only way you would be able to develop yourself and be a good fit to handle the job.

Handling a family business is not bad if actually the person in position is cable to do that, that is really good idea to run a family business very good.

 

[Trexxxy]

Well I think sure, if the business is something profitable and also if the business have huge prospects. I think these are the conditions I might take over the business.

 

[Good-Person]

It's not a new trend to take over family business. In my setting, even while the person is alive, he may choose to hand over a family business to any trusted relative. If I were in such position right now as I'm still a student, I'll take up the business and find someone to manage it!

There are many people who do not inherit family business and some people are simply not interested in getting a family business. There are some people who create their own business and prefer to separate from the family.

 

[kayode10]

it can be very hard for someone to take over a family business that has board of director behind it. It is the board of directors that will decide the person that will take over the business. But the case can be quite different with small-scale business.

 

[Toyoabasi]

There will come a time where your relative will die, and this might happen before your time comes. If your relative was to own a successful business of some kind and he left it to you, would you take over it? Would you need to first take bereavement leave and put the person second in charge in command?

If I am in such shoes, knowing fully well that I am capable to take over such business, I will.
That would mean having to get a manager for my personal business while trying to put things in order for the business just handed over to me.

 

[eLdavis]

My decision would be based on the present situation. If the person specifically puts me in charge of the business, maybe as his last wish or through his will then I have no choice than to accept. In a situation whereby I might not be capable, I would put someone else in charge as a contract manager while I learn.

 

[Kvngsammy]

You know @Alexander my dad has a business like this - though it's kind of small scale anyway but there's room for expansion via its sub niches. It's very popular and doing well at the moment.
Thing is I'm not interested in that line of business at all - what I'll just do is to place someone to manage it and I'll keep getting reports

 

[kayode10]

Nothing should stop you from taking over the business if it happens that it is fully owned by your family. You just need to hire competent people to help you in some of the areas where you have no knowledge about, to run the business together with you.

 

[Kane]

A couple of years ago, I over took my family business. The business was failing and my father wanted me to help him to run the business. Sadly, I couldn't contribute to the business and the business failed.

 

[Adebayonle7]

in a case whereby the business was left for me to take charge of , i will have to make some findings as regards the business before accepting to take over. I need to study financial files and stocks of the business to make sure that the business is not in huge debt and not a dying business, if all is good i will definitely take over immediately to enable me do rebranding of the business for better growth.

 

[Sotherefore]

A couple of years ago, I over took my family business. The business was failing and my father wanted me to help him to run the business. Sadly, I couldn't contribute to the business and the business failed.

Sorry , maybe when you took over the business you were naive and you didn't have much understanding about how business is being done, this mostly happened to a lot of people even matured people that have a good understanding or business.

 

[Lucy ID]

Whoa, first it will come as a shock to me and will need time to process everything, I will have to put someone that has a lot knowledge about it for a week or more to get more knowledge and understanding about the business then I can now take over

 

[Justin]

A lot of businesses are built that way. Sons and daughters join the company founded by their parents, and their kids join the company founded by their grand father. In my home countries, most of the big businesses are family owned businesses.

 

[Sincerem]

I know such is a blessing in disguise, I don't pray for my relative's death to take over his or her business. But in life, we face this kind of challenges, when it present itself, I wouldn't reject I'll simply do my utmost to deliver more success.

 

[eLdavis]

I know such is a blessing in disguise, I don't pray for my relative's death to take over his or her business. But in life, we face this kind of challenges, when it present itself, I wouldn't reject I'll simply do my utmost to deliver more success.

What if you find yourself in a situation whereby a business you have no knowledge about in any from is given to you based on the absence of a relative, what would you do in such a situation, give it up or find ways to manage it?

 

[Stnicholaz]

Well I think sure, if the business is something profitable and also if the business have huge prospects. I think these are the conditions I might take over the business.

Simple, I don't see a right thinking person whether he or she has knowledge or not will just give up on managing a profitable business just like that. The best is to find a way round it. There's always a solution for everything problem but give up is never an option.

 

[kayode10]

It will be easy for a child to take over family business if he or she has been part of the process for a long time. A business you don't introduce to your children will die of very soon.

 

[Laurentta]

Handling a family business is not bad but i won't handle it, i put someone else i trust and someone capable in charge like another family member. Personally i dont have interest in business.

 

[Sincerem]

What if you find yourself in a situation whereby a business you have no knowledge about in any from is given to you based on the absence of a relative, what would you do in such a situation, give it up or find ways to manage it?

I can never give up on such business, I'll push myself to make the dream of that business live up to its billing. I'll simply seek ideas from think-thank entrepreneurs to equip myself towards the business which I've taking over.

 

[Trexxxy]

Simple, I don't see a right-thinking person whether he or she has knowledge or not will just give up on managing a profitable business just like that. The best is to find a way around it. There's always a solution for everything problem but giving up is never an option.

I agree, especially if the business has the potentials of making you richer. I think we should look beyond family frivolities and strife. Although that isn't the case in all cases.